NEW YORK, Sept. 19, 2007 (PRIME NEWSWIRE) -- The Rosen Law Firm (http://www.rosenlegal.com) announced today that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of LJ International, Inc. ("LJI") (Nasdaq:JADE) common stock during the period from February 15, 2007 through September 6, 2007, inclusive (the "Class Period").
To join the LJI securities litigation as a plaintiff or for further information, please call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com .
You can join the class action online at http://www.rosenlegal.com.
A class action lawsuit has already been filed on behalf of LJI shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than November 19, 2007. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com . No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. You may also remain an absent class member.
The complaint charges LJI and certain of its officers and directors with violations of the Securities Exchange Act of 1934 for allegedly issuing false and misleading statements about its business prospects, financial condition, and its statements of revenues and net income. In particular, the Complaint asserts that throughout the Class Period, the Company issued false and misleading reports overstating the Company's fiscal 2005 and 2006 financial results.
On July 16, 2007, LJI announced that it was delaying the release of its fourth quarter 2006 through second quarter 2007 financial results because the Company's new auditors were unable to sign off on the Company's financial statements. On September 6, 2007, LJI revealed that it had failed to achieve the projected fourth quarter and fiscal 2006 financial results LJI had previously issued on January 8, 2007 -- and later upgraded on February 15, 2007 -- due to a potential tax provision, and that its fiscal 2006 earnings report of $3 million would "likely be adversely impacted." The Complaint asserts that as a result of these and other adverse disclosures, the Company's stock price fell dramatically and caused investors losses.
The Rosen Law Firm (http://www.rosenlegal.com) has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.